When regulators took over mortgage finance Fannie Mae and Freddie Mac this month, they eliminated $12.59 million in exit payments for executives Daniel H. Mudd of Fannie Mae and Richard F. Syron of Freddie Mac. The executives will now get a combined $9.43 million upon their exit.
The Washington Post with its giant DC circulation may be able to slide mention of this monetary peccadillo into the beltway news without fanfare, but how does it play in Peoria? Tales of yet another incredulous stunt by the mega moneyed do not the happy rustbelter make.
But if we could take a moment and reflect upon the stress of Freddie and Fannie ex-execs who, between them, have nearly thirteen million dollars less to retire upon than they had planned upon, perhaps we'll feel less put upon. For all we know, as we sputter on about small oil sticker shock, Mr. Fannie may be auctioning his condo in Tahiti as Sir Freddie maxes out his credit cards to fuel the yacht.
public domain painting Paul Gauguin ~ Deux Tahitiennes, 1899, oil on canvas, The Metropolitan Museum of Art, New York
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